Canada ruling on CNOOC-Nexen deal today: reports

SAN FRANCISCO (MarketWatch) -- Ottawa is set to make an announcement Friday widely believed to be a ruling on China's CNOOC Ltd.'s
CEO, -2.59%
bid for Canada's Nexen Inc.
nxy
according to reports on Canadian newspapers. The government called a news media lockup at 4 p.m. Eastern and it is expected to make an announcement dealing with foreign takeovers of Canadian companies. Canada's Prime Minister Stephen Harper is scheduled to make an announcement at 5:15 p.m. Eastern. China's CNOOC, a state-controlled offshore oil and gas firm, offered $15 billion for Nexen in July. Ottawa faces a Monday deadline to rule whether the Cnooc-Nexen deal presents a "net benefit" to Canada. In October, the Canadian government ruled against a bid by Malaysia's Petronas for Canada's Progress Energy Resources Corp.
ca:prq

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